Small Arms Market Projected to reach $11.1 billion by 2027

The small arms market size is projected to grow from USD 8.9 billion in 2022 to USD 11.1 billion by 2027, at a CAGR of 4.5% from 2022 to 2027. Factors such as the change of warfare dynamics, the militarization and modernization of police forces, the increasing incidence of criminal activities by civilians, territorial conflicts, terrorism, and political unrest, etc.

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The change of warfare dynamics is driving the growth of the small arms market

The dynamics of warfare has evolved from conventional warfare to modern warfare. The sizes of armies in the US and Canada have changed over the past few years, and the weapons used have also been modernized. There is a need for more efficient weapon systems, weaponized robots, weaponized vehicles, armored ground vehicles, and unmanned ground vehicles on the battlefield for improved performance. These platforms use machine guns which fires 5.56mm rounds at a cyclic fire rate of approx. 750 rounds per minute. These platforms can also be installed with M240 guns that can fire 7.62mm rounds at a cyclic fire rate of 1,000 rounds per minute. For instance, the 6.8mm ammunition manufactured by True Velocity, a leading arms and ammunition manufacturer based in the US, is being developed to replace conventional 5.56mm NATO rounds in some special operation units. The new caliber is designed to be slightly heavier and has more velocity than 5.56mm NATO rounds, which will enable troops to fire from a greater distance and with more accuracy.

Based on caliber, the 9mm segment of the small arms market is projected to lead during the forecast period

Based on caliber, the 9mm segment is projected to lead the small arms market from 2022 to 2027. The 9mm-based weapon is the most widely accepted and used small arms ammunition for military and law enforcement as end use applications. The 9x19mm parabellum caliber ammunition is one of the most preferred NATO-grade calibers by armed forces across the globe. Handguns used by civilians are majorly chambered for 9mm, thus assisting the growth of the 9mm segment.

Rifles segment of the small arms market is projected to witness the highest CAGR owing to increasing focus on upgrading inventory by armed forces

Based on type, small arms market has been segmented into various firearm categories, namely, pistol, revolver, rifle, machine gun, shotgun, and others. Rifles are of various types such as assault rifles, snipers, recoilless rifles, modern sporting rifles, and anti-material/bolt-action rifles are being considered under this category. The modern sporting rifle has also witnessed high adoption in the past few years due to an increase in sporting and hunting activities. Owing to modernisation programs undergoing across globe demand for assault rifles and sniper rifles has been significantly increased compared to other small arms thus assisting to the growth of the rifle segment.

The North America market is projected to contribute the largest share from 2022 to 2027 in the small arms market

The small arms market in the North American region has been studied for the two countries such as US and Canada. North America showcases the highest demand potential for small arms, primarily due to the increased defense spending countries in the region, along with the rise in incidences of gun violence, which are driving both, law enforcement as well as civilian segments to procure small arms for counter-terrorism as well as self-defense applications, respectively. The increasing popularity of sporting and hunting activities among civilians has also led to a significantly higher demand for small arms in the North American region.

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North American countries are awarding a number of contracts to major players of the small arms market for the delivery of small arms, thus driving the growth of the small arms market in the region.
The small arms market is dominated by a few well established global players such as Colt's Manufacturing LLC (US), GLOCK Ges.m.b.H. (Austria), Smith & Wesson (US), Sturm, Ruger & Co., Inc. (US), Israel Weapons Industry (IWI) (US), Kalashnikov Group (Russia), and Èeská Zbrojovka a.s. (Czech Republic), Heckler & Koch Gmbh (Germany).

News also Covered: https://finance.yahoo.com/news/small-arms-market-worth-11-134200276.html

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This release was published on openPR.